(09.11.2022) Switzerland's exports and imports set a new record in the third quarter of 2022. According to the Federal Office of Customs (FOC), the volume of exports rose by 1.3% compared to the previous quarter.
For the eighth consecutive quarter, foreign trade has increased on both fronts. Between July and September 2022, Switzerland's exports amounted to almost CHF 67 billion. At the same time, the country's imports reached CHF 58.92 billion (+0.8%), giving a positive trade balance of CHF 8 billion.
The watchmaking sector recorded record exports (CHF 6.40 billion, +4.9% compared with Q2), but chemical and pharmaceutical products remain by far the most sought-after Swiss products. This sector, with CHF 33.88 billion, has returned to export growth (+1.3%), after two consecutive declines in the first and second quarters of 2022 (-0.9 and -1.3%). Conversely, machinery and electronic products (-3%), metals (-2.9%) and jewelry (-0.8%) saw their exports decline quarter-on-quarter.
Growth in imports slowed by 1.3 percentage points compared to Q2, with considerable declines in the jewelry (-21.8%) and watches (-7.6%) sectors. The vehicle sector recorded the most significant increase in Q3 (+CHF 738 million, +17.2%), following weak growth in Q1 (+1%) and an actual decline in Q2 (-0.6%). In addition, imports of private cars reached their highest level (CHF 2.7 billion) since Q4 2020.
As far as trading partners are concerned, the European Union (-2.8%), the United Kingdom (-7%) and Russia (-21.1%) have all reduced their imports of Swiss products. In contrast, demand from Asian markets was particularly strong, especially from China (+19.3%) and Japan (+15.5%).
Last modification 09.11.2022